CALGARY — Suncor Energy is raising its quarterly dividend 10% after stronger oil prices and refining margins pushed third-quarter earnings above analysts’ expectations, despite a decline in production.The Calgary-based oil producer and refiner reported Tuesday adjusted operating earnings of $3.97 per share for the quarter ended September 30, beating the $3.28 average forecast compiled by LSEG. All company figures are in Canadian dollars.Shareholders will receive a quarterly dividend of 66 cents per share on December 24, up 10% from the previous quarter.The results come as the war in Iran, now entering its ninth month, continues to disrupt global energy supplies. Benchmark Brent crude averaged US$89.27 per barrel during the quarter, up 31% from a year earlier..Suncor trims East Coast operations with sale of three offshore oil stakes.Higher prices helped lift Suncor’s oil sands revenue 32% to $9.32 billion, even as its overall upstream production fell 2% to 852,500 barrels per day.Refining revenue rose more than 65% to approximately $13.4 billion. Benchmark crack spreads — a measure of the difference between crude costs and fuel prices — more than doubled, improving the returns available from processing each barrel.The stronger margins offset a slight decline in refinery throughput, which fell to 487,700 barrels per day.Suncor’s results followed a similar earnings beat by Imperial Oil last week, when strong refining margins helped that company exceed quarterly profit forecasts.Suncor has also accelerated returns to shareholders, increasing monthly share repurchases from $500 million to $750 million beginning in October.That month, the company agreed to sell its interests in three Canadian offshore oil assets to Ithaca for $1.2 billion.
